Romanian power grid operator Transelectrica will benefit from energy investments worth more than €420 million funded by the EU’s Modernisation Fund, according to financing contracts signed in Bucharest on Monday.
It is the largest EU funding drawn by Transelectrica, the state-run company that operates Romania’s power network. The money will be used for building or upgrading several power lines and stations, which will increase the network’s security and allow installing more renewable energy projects, Transelectrica said.
“Today we signed the first contracts for financing out of the Modernisation Fund, opening thus the most important source of EU funds for the development of Romania’s energy sector,” Prime Minister Nicolae Ciuca said at the signing ceremony.
“The total financing, worth more than €13 billion, will lead to a substantial transformation of the national energy infrastructure, a decisive factor for Romania to reach energy independence,” he added.
The Modernisation Fund is an EU programme that supports 10 EU states in meeting their energy targets for 2030 by helping them upgrade their energy systems and improve efficiency.
